CoyneReport - Independence Commercial Real Estate MarketThe City of Independence is home to the 'Rockside Corridor', one of the suburbs' largest collections of office space. Independence alone makes up over 70% of the office market's South submarket. The city is also home to a significant amount of industrial space – over 11% of the industrial market's South-central market is located in Independence. Due to the city's large presence in the office and industrial submarkets, it is therefore worth investigating what trends are developing in Independence.Independence's industrial market is performing remarkably well, with a vacancy rate of 5.0%. The city's industrial property has performed well for the past year, but the vacancy rate of 5...
Read more >>CoyneReport Recent Sales - Week Ending 5/11The Coyne Report is updated weekly, offering recent commercial real estate sales information. As the new data comes in, we will provide commentary on some of the biggest sales in the period, as well as an overall view of Cleveland's commercial real estate market. This week, some of Cleveland's biggest sales included:
8925 Hough Avenue, Cleveland - This 88,000 square foot multi-family building was sold on 4/27/2012 for $3,633,600 ($40.94/SF). The building has 129 apartment units. The recorded seller was Community Circle II Ltd., and the seller was Kingsbury Tower, Ltd. 4254 Mayfield Road, South Euclid - This service station sold on April 25th for $700,000. The property is approximately 0.68 acres, selling for around $1,029,411/Acre. The recorded buyer was GetGo Partners South, and the seller was M & B Real Estate Ventures, LLC. 5180 Tiedeman Road, Brooklyn - This 5,000 SF Retail building sold on 4/24/2012 for $1,606,892, or $311.47 per square foot. The building was occupied by a Perkins restaurant. The recorded buyer was Spirit Master Funding IV, LLC and the seller was Spirit Finance Acquisitions, Ltd.5702 Royalton Road, North Royalton - This 7,800 SF service station sold on April 24th for $919,120, or $117.67 per square foot. The site was in use by Sunoco. The recorded buyer was Toms King Re (Ohio) LLC, and the seller was PMSRE LLC et al. These sales were the largest in Cuyahoga County over the past week. Other recent commercial sales in Cuyahoga County include the sale of 24821 Columbus Road in Bedford, a 23,000 SF church, on April 23. Be sure to check back next week for more updates on sales activity!Want to stay on top of the largest transactions to date? Join Terry Coyne for a Mid-Year Forecast Webinar on May 15 at 10:00 am (EST). Sign up now to reserve your spot, as space is limited.
Read more >>CoyneReport - Streetsboro Commercial Real EstateThe City of Streetsboro is well-suited for distribution and industrial use. I-480 ends in Streetsboro at I-80, which also runs through the city. From these highways, it is a short drive to I-271, I-77, and OH-8. This would explain why so much industrial space has been built in Streetsboro over the past two decades. While Streetsboro does not have nearly as much office space as other cities chronicled to date, it is an important city in Northeast Ohio's commercial real estate, and is worth a closer look.Streetsboro's industrial space is performing well, beating the Southeast submarket's vacancy rate by a significant margin...
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